(LUSAKATIMES) Bank of Zambia officially reverses the sale of Finance Bank
Bank of Zambia officially reverses the sale of Finance BankTIME PUBLISHED - Friday, October 7, 2011, 2:57 pm
Bank of Zambia has officially reversed the $5.4 million sale of Finance Bank to South Africa’s FirstRand on today, returning the bank to its previous shareholders.
The move was expected after newly elected President Michael Sata said this week he would stop the sale of Finance Bank to South Africa’s second-largest lender, in his latest move against the policies of the previous administration.
The central bank seized Finance Bank from its shareholders in 2010 for legal violations, including insider lending. Finance Bank’s chairman has said the seizure was politically motivated.
The Bank of Zambia said in a statement that Finance Bank had been handed back to previous shareholders as of today , and that it would continue normal operations.
[Reuters]
Labels: BOZ, FINANCE BANK, FIRST RAND GROUP
posted by MrK @ 2:46 PM
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